03/09/2021. The Legality of BitCoin and Daily News from the HYIP Industry

Hello all! September has arrived and that means it’s now only a matter of time, a couple of weeks perhaps, until we see something worthy of your attention appearing in the horizon. As always, MNO will be here to cover all the important investment projects whose admins are unafraid to come under my scrutiny and unreserved approach to reviewing their projects. The only type of programs my site has always been on the lookout for are those that can potentially become leaders of the HYIP industry and lead others to new heights by setting a positive example and well-appreciated efforts by their respective admins. Hopefully, the new and ambitious breed of admins will re-appear soon, following a largely uneventful period in the HYIP industry that we’ve all clearly observed over the last few months.

I guess there is no need to explain to experienced readers that once a potentially big new project appears it’s important to jump in straight away to maximize your chances of winning rather than losing. And to be among the first to find out the next true gem fit’s crucial to follow MNO on Telegram, Twitter, and Facebook, or subscribe to the regular updates from my blog by submitting your email address here. Don’t be a stranger and contact me here, email me directly at abramsonp@gmail.com or chat on Telegram @mnoblog if you need any assistance with the MNO monitored programs or having an advertising request to discuss. Remember that I’m always here for you and ready to answer all the questions you might have.

As the HYIP industry remains in late summer hibernation and less active than ever before, it’s all been largely compensated by the explosive growth of cryptocurrencies. BitCoin has surpassed the $50K mark recently and according to many predictions will be able to outperform the previous record that broke $64K we have all seen set earlier this year. Ethereum’s price is near the $4K mark at the time of writing this piece with a very high probability to break the previously set $4.2 record sooner than we might have anticipated. Quite possibly the rest of the year will be remembered for even more broken records and will encourage dreams of regular HODLers to become rich quick and without the need of risking their money in HYIPs, or at least to be dependent on them to a lesser extent. HYIP admins will therefore will be forced to become more creative to attract the still available crowd with ever growing value of cryptoassets in their wallets or lose their influence in an already largely unoriginal market. It’s truly hard to stand out in the HYIP industry now, and partially that comes down to a clear shift in owning cryptocurrencies and speculating there for profit – a thing that gained more widespread affection from the former and current HYIP admins to regular investors. Therefore, it’s very important to have a deeper analysis on the subject of cryptocurrencies which I’ve been trying to do my best on the MNO blog lately.

In today’s article I want to stay more or less with the subject of cryptocurrencies and talk about their legality, or sometimes lack thereof. There’s no point in denying it, it’s the way of the future whether anyone in government or banking cares to acknowledge it or not. So, what does the future hold for cryptocurrencies in terms of everyday acceptance and use?

Quite a random event I must admit, but I was recently walking down the street in London when something happened to catch my eye. I was just passing by a local neighborhood restaurant, actually a small place I’d never noticed before and had never been a customer, when I noticed a small sign on the door – “We accept BitCoin”. I was intrigued! A meal that’s listed as let’s say $10 on the menu when you order it could end up costing you either $1 or $100 by the time you finish eating it and go to pay your bill. I was left wondering a) how much of a gamble is that for the business owner and b) is it entirely legal in the first place? I suppose it probably is, it’s basically a form of “bartering” isn’t it? It mightn’t exactly be legal tender in the strictest sense but it’s up to you what you accept in exchange for your labor and your services I guess. In fact I remember one time many many years ago I was working in the construction industry and I met an electrician who always kept a dog with him on every outing. He explained that he did one job for a man who had no money to pay him, so he offered him a puppy instead. Luckily he was financially well off and secure so it wasn’t a big deal for him to just let that one go, but how would you feel about it yourself if you were in the same situation? Most folks would I imagine prefer a cash payment but what else can you do if the customer is flat broke and hasn’t got a cent to his name?

Take the puppy I suppose, or else take BitCoin since it seems to be growing and prevalent in mainstream business these days. The thing is though, being able to buy and sell cryptocurrencies is one of the most exciting ways to get involved in trading. And it is not hard to see why. With easy-to-use trading platforms and fascinating technology underpinning it all, cryptocurrencies have become an easy to manage and easy profit proposition for many. In the meteoric rise of online e-currency trading platforms, one currency has become more or less the stand out name, BitCoin. Much like Kleenex with tissues, Google with search engines and Band-Aid with plasters, for many, BitCoin has become synonymous with cryptocurrency.

But just because it has become a sort of name brand trading option for millions around the world doesn’t necessarily make it the best option either. BitCoin legality has hit some bumps along the way, with a couple of occasions of a lack of transparency and nasty motives behind trades, making it harder for would-be traders in some parts of the world to get involved. So, is BitCoin legal? Unfortunately, there is not necessarily one simple answer. It’s sort of a yes/no answer as to why some political and legal institutions face issues in making cryptocurrency trading accessible for all.

BitCoin is a decentralized system of trading, without a bank or central authority to regulate trading. OK, this much we know. This peer-to-peer method of transacting has several key advantages, including placing the defining value of the currency in the consumer’s hands (rather than a central bank), being mostly impervious to bank collapses or high fees and borderless for smooth, cheap international transaction costs. On the other hand, the appeal of BitCoin’s so-called democratic model is what can cause governments to be hesitant about engaging with the currency. Along with it being potentially difficult to track as regards to where BitCoin is sent and how it is used, an overall lack of control of the currency is another issue when it comes to BitCoin regulation. Some governments worry that a drastic shift to cryptocurrency could devalue traditional forms of currency and have a massive impact on the economy. Others are concerned by the ease in which money can be sent overseas, therefore removing these funds from the local economic ecosystem. This entire decentralization situation worries many governments and economic institutions such as banks and other lending groups. A lack of regulation and security scares not only government officials, but also those on Wall Street. One good example of this lack of regulation impacting traders was the infamous disintegration of Mt. Gox in 2014. At the time, Mt. Gox was the largest BitCoin exchange around, but a massive hack led to millions in theft from traders. While Mt. Gox is one example of unregulated trading exchanges gone bad, there are many more examples of platforms operating seamlessly that have never been hacked.

So where exactly then is BitCoin legal around the world? Some jusisdictions have leaned into cryptocurrency, allowing people to trade at will. Others have varying regulations and laws that treat the currency differently. Here’s a brief rundown of how some places are treating cryptocurrency trading.

Cryptocurrency traders in North America should not have any major issues when buying and selling BitCoin and other forms of crypto. BitCoin is legal in the United States, Canada and Mexico and these are more or less the main population centers and markets anyway. However, there are some regulations surrounding e-currency in these areas. For example, in the United States, crypto exchanges based in the country must operate in accordance with laws established to help curb illegal activities such as money laundering. I don’t know if everyone remembers this, but the likes of LibertyReserve, AlertPay, e-Gold, and others all had problems there. These laws require exchanges to collect personal information from traders, which removes much of the anonymity traditionally associated with crypto trading, and that simply wasn’t being complied with. That being said, it is quite easy for traders to access offshore exchanges, which have fewer regulations. Canada has some similar regulations in that BitCoin and other cryptocurrencies are legal, but are regulated more than offshore crypto trading. It is also not considered a legal tender, but, rather, a commodity. Mexico permits BitCoin under a relatively new finance and technology law.

In South America on the other hand the largest country in the continent, Brazil has no regulations or restrictions on people or other entities owning or trading BitCoin. The same goes for Chile. Argentina allows the use of cryptocurrencies as a medium of exchange or a store of value, but they are not considered a legal currency as the government has not issued them. In Venezuela, BitCoin mining was not legal until 2018, when the government reversed course and dropped charges against those who had been penalized in previous years. On the other hand, BitCoin is completely banned in Bolivia and Ecuador as cryptocurrency is not part of any sort of nation run, centralized currency. This is a prime example of a nation’s leaders hesitating to legalese something over which they have little to no control.

Regarding Europe, as with many other large, developed nations and economies, BitCoin is legal in the UK. I can’t say with any degree of certainty that the legislators approve of this, but it’s more or less unenforceable if they don’t so no other option is really open. It is a good representation of the continent, which has dozens of major economies throughout its various regions in which cryptocurrencies are legal, including France, Germany and Italy. While BitCoin is generally considered legal throughout the European Union, there are different regulations and rules from country to country regarding its recognition as a currency, how it is traded and taxed, and more.

And finally in Asia and the surrounding Oceania/Australasia areas are perhaps the most variable when it comes to regulations and legal roadblocks to trading cryptocurrency. From country to country, there are different rules, regulations and levels of legality. For example, BitCoin is legal in Japan and Australia. But China represents one of the largest economies in the world in which BitCoin is heavily restricted. In 2019, China’s banking regulatory authority, the People’s Bank of China, said that it was blocking access to cryptoexchanges. While this did not necessarily make trading BitCoin illegal, it greatly decreased the ability of Chinese citizens to partake in the cryptomarket. Meanwhile Vietnam, a country of some 80 million people so another major world economy, has outlawed BitCoin and other crypto. Again though it does seem a bit like the old cliché about “sticking your finger in a dyke”, in other words it’s an absolutely unenforceable law which I don’t know what the authorities think they can do about it.

So, just who calls the shots when it comes to BitCoin rules and regulations? Each country’s own governing financial bodies will generally determine the legality of BitCoin and any rules and restrictions placed upon it. However, here’s how a few of the major regulatory bodies around the world have played a part in shaping the international cryptocurrency tax law landscape. And as stated, if in doubt about how BitCoin is taxed in your part of the world, make sure to do some research so you stay on the right side of the law. Like I said it’s hard to say how it can be enforced but still, you don’t want to be on the wrong side of the law anyway when it eventually does come down to it. The US Securities and Exchange Commission (SEC) is one of the most powerful federal agencies in one of the most important economies in the world and they’ve taken down some pretty big financial players who thought there were above the law. In general, it has not regulated BitCoin trading in the US. In fact, it has gone out of its way to declare that BitCoin is not a security. FinCEN, otherwise known as the Financial Crimes Enforcement Network, is another powerful US agency. Its main focus is to track and analyses financial movements to help monitor any potential fraud, money laundering, funding of terrorism, or other financial crimes. In regards to BitCoin, FinCEN does not require individual traders to register detailed transaction records and personal information. However, exchangers (businesses that facilitate these trades) must do so. In the US, the Commodity Futures Trading Commission (CFTC) is generally seen as the governing body for all things crypto. That is because, as mentioned above, BitCoin and other cryptocurrencies are not considered securities, but rather commodities. In good news for crypto traders, the CFTC has generally backed the creation and operation of markets, while also levying fines and charges against those who have defrauded traders. As buying and selling of BitCoin and other cryptocurrency have become more popular in the US, the Internal Revenue Service (IRS) has tried to stay on top of how to tax what it refers to as a ‘virtual currency.’ It is treated as property, so if you buy, sell or trade BitCoin in the US, you will be taxed as if you are buying or selling an asset. Cryptocurrency on the whole is legal across Europe, with member states differing in their approach to the digital coin exchange. To cater to the segmentation of the continent, the European Union regularly releases different types of legislation directing results that each country should aim for. In Australia, the Australian Tax Office is similar to the IRS in that its stance on cryptocurrency taxation is constantly changing. Also similar to the IRS, for taxation purposes, crypto is more or less viewed as private property. That means tax on your earnings or profits comes into play for any trading or use of BitCoin to make purchases.

I’ll leave it at that for today, I’m always happy to acknowledge that these articles are perhaps not quite the finished piece and maybe there’s a whole lot else to say, but by and large I think we got the most part and just an opening point for further deeper discussion. I hope we can get started here soon, please feel free to share any thoughts you might have on the topic either on e-mail to me or else with your fellow readers on the MNO ShoutBox!

DAILY NEWS FROM THE HYIP INDUSTRY

MNO TALKBACK – RESULTS DRAWN AND NEW QUESTION POSTED

As there is almost no news coming from the MNO monitored programs, let me finish today’s blog post with the results of the usual weekly TalkBack poll. I will also be suggesting another question for you to think about, so keep reading for more.

As you might remember, the previous article on the MNO blog (click here to read it) was dedicated to BitCoin as the new gold standard. The definition and the brief history of that along with the relation to the new cryptocurrency world domination, particularly BitCoin has been the main subject of the article. In the footsteps of that article I’ve posed the following question to readers, based on their personal experience: Do you believe BitCoin has become a personal Gold Standard for you yet?

The answers were generally positive with 67% of readers answering “Yes, it is already a gold standard”. Another 33% believed that it might become that in the near future picking the option “Not yet, bit it will be very soon”. By the way, the third option which was “No, it will never become such” wasn’t selected by anyone. As the question asked of the private perception of the BTC gold standard for an individual I can’t really comment on the overall results, however it feels optimistic that more and more people consider BTC as a gold alternative an a means of accumulating wealth in the long term.

As you might guess, for the next question I will be asking you about the implications of BitCoin’s growing position on the world market as an asset. Gold might well at some point be replaced by cryptocurrencies soon, but without some legal ground its position within the traditional financial systems is going to be questionable. Not that it somehow stopped BitCoin from developing in the past, that might be just a small hiccup in the long road to success, but anyway. So, after all that have been said in the article I would like to ask readers whether they believe that BitCoin might rival traditional fiat currencies and become a widespread alternative. Or maybe you think that the world financial elite will do everything possible to stop it from happening in fear for their own well-being. However, maybe just like stopping climate change might not be in human power, BTC and other cryptocurrencies can be also unstoppable and not very dependent on what the world powers (apart from El Salvador, of course) think and what obstacles they put on the cryptocurrencies world progress.

So, here are the new question to be posted on the MNO TalkBack to stay there for the next week or so with only two possible answers to choose from:

Will BitCoin eventually become a legal tender at some point?

– Yes, it will, it’s just a matter of time until it actually happens
– No, it won’t, power elites will never lose control over finances

I hope you will become an active participant in the latest MNO TalkBack poll and say what you think on the subject. I will draw the final results of the poll next week and we will see what MNO readers believe it’s going to happen with BitCoin in the long perspective. I thank you in advance for your active participation in the poll on the MNO TalkBack, so if interested click here to vote!

GET PAID REPORT FOR 03/09/2021

Here is the list of the programs from my monitor that paid me for the last 216 hours:
From MNO Sticky list: –
From MNO Premium list: –
From MNO Standard list: RoboticsOnline.
From MNO Basic list: –

That was all I wanted to report today, guys. Thanks a lot for staying tuned and reading my blog. Have a very relaxing weekend and I’ll talk to you again next week on MNO – For Money Lovers!